AAA: Gas prices continue to fluctuate with volatility on oil market

Gas prices are down a penny from where they were last week in Virginia, but prices nationally are actually slightly up.

The national gas price average, according to AAA, is $2.44 a gallon, up two cents from last week.

The Virginia average today was at $2.20 per gallon, one cent down from a week ago, and down 15 cents over the past month.

“Domestic wholesale gasoline and global crude oil prices increased last week causing gas prices to fluctuate,” said Martha Meade, AAA Mid-Atlantic spokesperson. “Pump prices in the week ahead could see further volatility depending on movement of the oil market as well as U.S. gasoline demand and stock levels numbers.”

Crude prices increased at the end of last week after reports emerged that the coronavirus had potentially reached its peak. Market watchers ended the week optimistic that global crude demand, which is expected to drop due to reduced travel as a result of the growing international public health crisis, would not suffer further.

If occurrences of the virus continue to increase this week, the market may struggle to hold onto price gains. Until it appears that the public health threat from the virus declines and China’s industrial sector recovers from the impact of the virus on production, crude prices are likely to continue facing downward pressure.